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Generac (NYSE:GNRC) stock is climbing higher on Friday after getting an upgrade from Truist analyst Jordan Levy.
That upgrade has Levy increasing his GNRC stock from a “hold” rating to a “buy” rating. To put that in perspective, shares of GNRC currently have an analysts’ consensus rating of “hold.” That’s based on 23 opinions.
In addition to that upgrade, the Truist analyst holds a price target of $160 per share for GNRC stock. That represents a potential 44% upside compared to its closing price yesterday. It’s also bullish compared to the analysts’ consensus price prediction of $143.48 per share.
What’s Behind the GNRC Stock Upgrade?
Here’s what Levy said about the generator company in a note to clients obtained by CNBC:
“We’re upgrading shares of GNRC to Buy following a ~30% post-earnings sell-off that we see creating an attractive entry for investors to gain exposure to a well established name in home/ commercial backup power w/upside potential from a recovering Clean Energy segment.”
As far as stock movement goes today, more than 283,000 shares of GNRC stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 1.3 million shares.
GNRC stock is up 1.6% as of Friday morning and is up 15.1% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.